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West Central Reporter

Thursday, April 25, 2024

Former state university employee Henderson paid in $116K to pension fund, could collect $3.01M in retirement

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Former state university employee Andrea Henderson, who retired in May 2018, saved $115,786 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Henderson would collect as much as $3.01 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Henderson received $63,218 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Henderson will have already received $128,333 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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